offers over....

lydriver

just looking for opinions...thoughts...

Home Report value is 105k, advertised as offers over 90, been on the market since January, was originally advertised as 100k but was reduced about a month ago.
When I asked the Estate Agent they said 'home report is 105 so high 90's, but 91 is an offer over 90' standard speak I'd imagine

am i taking the pee offering 90?
what would you offer?

kinger101

A little bit less than I thought is was worth.

googler

lydriver wrote: »

Home Report value is 105k, advertised as offers over 90, been on the market since January, was originally advertised as 100k

So nobody has been prepared to pay 100k

but was reduced about a month ago.

... and still hasn't sold

When I asked the Estate Agent they said 'home report is 105 so high 90's, but 91 is an offer over 90' standard speak I'd imagine

Nobody is going to pay 'high 90s' when it hasn't sold for £100k

am i taking the pee offering 90?
what would you offer?

You could offer £89k. There is NO obligation upon you to tender an offer above the 'offers over' price.

Are you absolutely SURE you want this house that nobody else seems to want at this asking price?

[Deleted User]

googler wrote: »

You could offer £89k. There is NO obligation upon you to tender an offer above the 'offers over' price.

Are you absolutely SURE you want this house that nobody else seems to want at this asking price?

My thoughts exactly ... if your offer isn't accepted you can always increase it. It's much harder to decrease an offer once made ......

Derboy

Possible that the seller can't accept less than home report to facilitate their move.

googler

Derboy wrote: »

Possible that the seller can't accept less than home report to facilitate their move.

In which case, they might as well forget the endeavour, because it's clear NOBODY is going to pay the HR value for this one....

davidmcn

Derboy wrote: »

Possible that the seller can't accept less than home report to facilitate their move.

They obviously can, if the asking price is already 14% below the HR valuation.

To OP: there's no expectation that offers must be over, or even at, an "offers over" asking price. Have you done your own research in sale prices of similar properties?

Derboy

davidmcn wrote: »

They obviously can, if the asking price is already 14% below the HR valuation.

To OP: there's no expectation that offers must be over, or even at, an "offers over" asking price. Have you done your own research in sale prices of similar properties?

Estate agents always advertise below the HR value in order to tweak the price point that the property shows up on Right Move. Doesn't mean that the vendor will sell for that price. Mine was advertised at £9k less. I sold for HR value. Three estate agents we interviewed all said the same thing.

I've also seen a good number of properties on there that have taken the best part of a year to shift. All depends on the circumstances and level of urgency of the vendor.

lydriver

most similair properties in the area seem to be taking a while to sell - a few others nearby have also been reduced or set to fixed price so I think (hope) it's more down to the area than the flat itself

there's nobody living there just now so I don't think they NEED the HR value, at the same time they might not need the money and are happy to wait - there's been no offers so far though

going for a 2nd viewing which is going to be done by the owners rather than the estate agent this time - any tips on what to ask - just say a figure and see their reaction?

Derboy

Just ask them what they're looking for and go from there.

AndyBSG

I can ask for offers over 500K on my 280K house, doesn't mean that's what people will offer.

At the end of the day you offer what you think the house is worth and you are happy to pay.

If you offer under what they want then it's up to them to accept or reject and if the house has been on the market a while with no offers or bids then chances are finally getting a firm bid will sway them.